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Beyond the Fashion Value Chain: MAS Leads Global Biodiversity Restoration

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Aerial Reforestation Project

Sri Lanka is one of the world’s richest biodiversity hotspots, with nature deeply intertwined with community life. Reflecting this connection, across the island, small-scale conservation efforts have always thrived in pockets. For MAS Holdings, the urgency of the environmental crisis made it clear that scattered initiatives were not enough- it was time to bring them together into an impactful, long-term approach. Employees have also welcomed the chance to be part of projects that protect nature, finding meaning in contributing to something that benefits both their communities and the environment.

Recognising this, apparel-tech conglomerate MAS Holdings has made biodiversity restoration central to its sustainability roadmap, the MAS Plan for Change 2030. Building on its commitments for 2025, the company has pledged to reforest and restore biodiversity across an area 100 times larger than its global operational footprint.

For an organization that spans 15 countries- across North America, Europe, Asia and Africa, this amounts to more than 31,700 acres of land. According to Nemanthie Kooragamage, Director – Group Sustainable Business at MAS Holdings, achieving reforestation on such an ambitious scale demands bold and innovative approaches.

“Well-planned restoration can do far more than replace lost trees,” she explains. “It can reconnect fragmented landscapes, stabilise soils, improve freshwater quality, rebuild coastal and mangrove nurseries, and create wildlife corridors- benefits that safeguard nature and the long-term resilience of apparel supply chains and communities.”

Building a Scalable Goal

The roots of MAS’ biodiversity goal trace back to 2017, when it pledged to restore 250 acres of land, equivalent to its operational footprint at the time. By the end of the initiative, the company had doubled its target and restored 500 acres of land.

Even then, MAS recognised that planting trees alone was not enough. As it pursued this goal, it became clear that landscapes face different pressures, from invasive species to degraded soils, and therefore require tailored interventions. And so, MAS developed its six-model framework for restoration: Conservation, Reforestation, Invasive Removal, Afforestation, Analog Forests, and Forest Gardens.

This framework later underpinned the biodiversity target set under Plan for Change 2025, which scaled up the 2017 pledge to restore 100 times MAS’ operational footprint at the time, a total of 25,000 acres.

Applying the Six-Model Approach

Over the last five years, the six-model framework has been put into practice, with projects demonstrating how different contexts required different interventions.

Conservation was at the heart of the Panama In-Situ Turtle Conservation Project, launched in partnership with two corporates and the Wildlife and Ocean Resources Conservation Society. Protecting a three to ten-kilometre stretch of coastline, the project has safeguarded 272 nests and released over 17,000 hatchlings since October 2023, directly supporting the survival of endangered sea turtle species.

Reforestation included the restoration of 10 acres of mangroves in Trincomalee, where MAS achieved an 81% sapling survival rate. Meanwhile, the Ittapana Mangrove Forest Reforestation Project, undertaken with the University of Sri Jayawardenepura and local communities, planted 500 saplings with a 94% survival rate. Beyond ecological restoration, it enhanced local fisheries, improved water quality, and engaged students and residents, ensuring long-term community impact.

To restore large, inaccessible degraded terrains, MAS partnered with the Sri Lanka Air Force to disperse seed bombs. This aerial reforestation method restored 275 acres and achieved a 45% survival rate, demonstrating an efficient solution for landscapes that could not be rehabilitated through conventional means.

Invasive Alien Species (IAS) removal was another critical strand, with programmes carried out in national parks in partnership with the Department of Wildlife Conservation. At Horton Plains, MAS removed Ulex europaeus from 82% of the affected areas and restored 244 acres of sensitive ecosystem. At Udawalawe and Lunugamwehera, the manual removal of Lantana camara supported the regeneration of grasslands vital for elephants, leopards, and sloth bears.

“We tested different approaches in Sri Lanka, from coastal conservation to seed bombing and invasive species removal, and they proved effective in their own contexts. With the scale of our biodiversity goals and our global operational footprint, the next step was to take these learnings beyond Sri Lanka and apply them internationally,” said Uvini Athukorala, Manager – Environmental Sustainability.

Expanding Globally

As part of its Plan for Change 2025 biodiversity conservation efforts, MAS extended projects beyond Sri Lanka to countries where it also has manufacturing operations. This ensured that the company’s restoration work addressed the landscapes and communities directly connected to its business footprint.

In Central Java, Indonesia, the Blora Ngawi Biodiversity Restoration Project has restored over 12,601 acres since 2023. The initiative planted more than half a million trees and established a multi-stakeholder forest management model that combines forest protection, land rehabilitation, and habitat enrichment.

In Kenya, MAS launched its largest conservation project to date, protecting 8,275 acres within the Nairobi National Park, in partnership with The Wildlife Foundation. The project secured wildlife corridors critical for elephants, lions, and cheetahs, reduced human-wildlife conflict, and created conservation-linked livelihoods for more than 600 people, with women and youth playing a central role.

These global projects demonstrated that the lessons learned in Sri Lanka, experimenting with diverse approaches and working hand in hand with local partners, could be successfully scaled in other contexts, while directly benefiting the communities where MAS operates.

Lessons for the Future

As the Plan for Change 2025 concludes, MAS has restored 25,058 acres toward its biodiversity conservation goal. The experience highlights two key lessons. First, that restoration must be context-specific. From mangrove reforestation in Trincomalee to invasive species removal in Horton Plains, or aerial reforestation of degraded terrain, each ecosystem required a different model to deliver meaningful results. Second, that collaboration is essential. Partnerships with government agencies, non-profits, universities, and local communities in Sri Lanka, Indonesia, and Kenya ensured both technical expertise and local ownership, making projects sustainable beyond their initial interventions.



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NDB reports all-time high earnings; doubles PAT on a normalised basis

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Kelum Edirisinghe - Director, Chief Executive Officer / Chair, Board of Directors Sriyan Cooray

National Development Bank PLC (hereinafter ‘the Bank’) announced its results for the financial year ended December 31, 2025 to the Colombo Stock Exchange recently. Full year results tabled by the Bank showcase a strong growth across all business lines with Net Banking Revenue increasing by a 45.2% on a comparable basis.

Like most other peers, the Bank’s 2024 financial performance was positively impacted following the successful conclusion of the ISB debt restructure with a one-off impact on interest income, fee income and net impairments amounting to LKR 1.4 billion, LKR 0.7 billion and LKR 9.4 billion, respectively for the said year.

Fund based income

Net interest income (NII), which accounts for close to 75.0% of Bank’s total operating income, grew by 6.5% on a normalised basis. Despite pressure on interest-earning assets arising from the lower interest rate environment, the Bank’s disciplined margin management helped stabilise Net Interest Margin (NIM) at 4.0% for the year. On a comparable basis, excluding one-off exceptional items, NIM stood at 4.2%, compared to 4.3% for both scenarios in 2024. By the end of the year, the Bank had close to LKR 29.3 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: LKR 19.6 billion).

Non-fund based income

Net fee and commission income reached LKR 8.1 billion for the year – representing a growth of 14.3% from LKR 7.1 billion in 2024 excluding ISB restructuring related fees. Key growth drivers for the current year were trade finance, credit and lending, digital banking and credit and debit cards.

Credit and operating costs

Credit costs for the year amounted to LKR 5.7 billion, reflecting a substantial reduction of 57.1% compared to LKR 13.2 billion in 2024, a testament to the Bank’s strong credit underwriting practices and focused efforts on collections and recoveries. The Bank’s success on account of the latter is best reflected in notably improved stage 2 and 3 loan stock which stood at 7.9% and 10.8% respectively at end 2025 as compared with 16.6% and 14.0% at end 2024. Stage 3 provision coverage also saw further improvement to 59.1% from 54.5% during 2024 showcasing the Bank’s prudent management of credit risk.

Operating expenses closed at LKR 19.0 billion for the year, marking a 13.1% YoY increase. This increase was primarily driven by routine staff-related increments and necessary market realignments, along with higher investments in IT infrastructure and business development undertaken during the year.(NDB)

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PMF Finance appoints Nishani Perera as Non-Executive Independent Director

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Nishani Perera

PMF Finance PLC has announced the appointment of Ms. Nishani Perera as a Non-Executive Independent Director, further strengthening the Company’s strategic oversight, governance framework, and board-level expertise as it continues to advance its transformation and long-term growth agenda.

Ms. Perera is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and brings over 19 years of experience across audit, assurance, advisory, risk management, and corporate governance. She currently serves as Partner – Audit & Assurance at Moore Aiyar and as Director of Moore Consulting (Pvt) Ltd.

Over the course of her career, Ms. Perera has gained substantial exposure to listed companies, banks, finance companies, and other regulated entities. Her areas of expertise include financial reporting under SLFRS/LKAS, audit and risk oversight, regulatory compliance, and the implementation of quality management standards. She has worked closely with Boards of Directors and Audit Committees on matters relating to financial reporting integrity, internal control frameworks, enterprise risk governance, and adherence to evolving regulatory requirements.

Ms. Perera holds a Master of Laws (LL.M.) from Cardiff Metropolitan University in the United Kingdom and a Bachelor of Science in Business Administration (Special) from the University of Sri Jayewardenepura. She is also an Associate Member of ACCA and CMA Sri Lanka, and a Fellow Member of AAT Sri Lanka.

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Capital Alliance deepens capital market presence with third Closed-End Fund Listing at the CSE

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(Left – Right): Ramly Rahman, Analyst – Capital Alliance Partners Ltd ; Praveen Kanagasabai, Vice President – Capital Alliance Partners Ltd: Mrs. Nilupa Perera, Chief Regulatory Officer – CSE; Rajeeva Bandaranaike, CEO – CSE; Vevaashgar Vathanatheesan, Assistant Vice President – Capital Alliance Investment Ltd (CALI); Ochitha Bandara, Analyst – CALI; Dimuthu Abeyesekera, Chairman – CSE; Ms. Pranavi Sivaruban, Analyst – CALI; Yasith Lakshan, Analyst – CALI; Rajitha Gunarathna, Assistant Manager – Capital Alliance Partners Ltd.

The units of the “CAL Three Year Closed End Fund” were officially listed on the Colombo Stock Exchange (CSE) recently. Accordingly, a total of 841,263,375 units of the ‘CAL Three Year Closed End Fund’ were listed by Capital Alliance Investments Ltd (CALI), a member of the Capital Alliance Ltd Group (CAL Group). The listing was commemorated by way of a special bell ringing ceremony on the CSE trading floor.

CSE CEO Rajeeva Bandaranaike speaking at the occasion remarked upon the rising demand for Unit Trusts: “When you look at funds, particularly unit trusts in today’s active capital market, we see a lot of domestic interest in the market with more investors entering. Funds, not only fixed income funds but also growth and balanced funds, can be the ideal vehicle through which new investors can enter the market. We see this interest reflected in the success of CAL’s Three Year Closed End Fund. More people are seeking to invest their money through professional fund managers.”

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